BoeFly Quarterly Survey Shows Significant Decline in Reaching Growth Goals

News provided by

Jul 31, 2024, 11:25 ET

NEW YORK, July 31, 2024 /PRNewswire/ -- BoeFly, the leading financial technology company specializing in fueling franchisor growth, has unveiled its latest findings in the quarterly Franchise Growth Confidence Index. This is the fifth survey conducted by BoeFly and designed to gauge franchisor executives' confidence in achieving brand goals in the face of current economic conditions.

The survey results reveal a 20 percent drop in whether franchisors are confident in meeting their growth goals for the year. While interest rates and inflation continue to be a major economic concern among franchisors, the percentage of respondents who felt negatively impacted by interest rates has slightly decreased by three percent from the previous quarter to a total of 80 percent.

As BoeFly assesses these responses on a quarterly basis, a new factor highlighted in this survey indicated the impact of the upcoming presidential election. More than half of respondents, totaling 54.3 percent, reported that uncertainty surrounding the election is negatively affecting their growth projections.

"Lingering concerns with interest rates and inflation appear to be weighing on franchisors who report a drop in confidence this quarter," said Mike Rozman, CEO and co-founder of BoeFly. "With this being an election year, we anticipate the results continuing to further affect confidence levels in business growth. In keeping a pulse on these factors, we hope to assist our stakeholders in making informed decisions to drive their businesses forward."

BoeFly's latest iteration of the Franchise Growth Confidence Index was conducted from June 7 – 20, 2024, and reached nearly 700 CEOs, CFOs, and CDOs from a diverse range of franchised brands spanning automotive, education, fitness, health/beauty, home services, restaurant, and retail sectors. Through detailed analysis of survey responses, BoeFly aims to provide valuable insights into the state of franchise growth in the United States.

For a full report on the Franchise Growth Confidence Index survey findings, visit boefly.com.

About BoeFly
Founded in 2009, BoeFly is a leading financial technology company that continues to deliver innovative online tools and solutions to accelerate business forward. Led by a team of franchising and finance industry experts, BoeFly specializes in identifying gaps in the marketplace and creating customized solutions to meet changing needs. The company has developed a proprietary Franchise Sales and Finance System to meet the core needs of franchise brands and small businesses throughout the entire process, from vetting franchise candidates to matching them with lenders who can move fast.

Through its data-driven system and robust online marketplace, BoeFly is able to connect borrowers to a wide array of banks and specialty finance companies, which has accommodated over $7 billion in transactions and supported more than 600 unique franchise brands. BoeFly's pioneering technology and products have allowed the company to offer flexible options and serve businesses at all stages of development, from established brands with thousands of locations to emerging franchisors and startups. For more information, visit www.boefly.com.

Contact:
Callie Chambers
Fish Consulting
954-893-9150
[email protected]

SOURCE BoeFly